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#Freelancetips
Busy freelancers often procrastinate on expense tracking until tax deadlines approach, which can lead to missed opportunities for maximizing tax-deductible expenses and overspending. To improve financial management, it's important to regularly upload receipts and analyze spending habits.
Key areas to focus on include:
1. Payment Processing Costs: Many payment apps advertise low fees, but hidden charges can inflate the actual cost to nearly 5%. For example, PayPal's fees vary based on factors like location and payment method.
2. Business Subscriptions: Freelancers often subscribe to multiple apps, leading to unnecessary spending. Utilizing comprehensive solutions that combine features can save money. Tools like Rocket Money can help identify and cancel unused subscriptions.
3. Minimum Personal Spending: It's crucial to track both business and personal expenses to understand the cash flow needed each month. Freelancers should determine their minimum monthly income requirement to ensure financial stability.
